Cairo - Mubasher: Egypt's Minister of Public Business Sector, Mahmoud Esmat, witnessed on Saturday, 15 October the signing ceremony of financing contracts aimed at developing pharmaceutical companies affiliated to the ministry.
Valued at EGP 3.40 billion, the contracts were signed between the Holding Company for Pharmaceuticals and its affiliates, and the Abu Dhabi Islamic Bank – Egypt (ADIB - Egypt), the Middle East News Agency (MENA) recently reported.
Esmat emphasised the importance of investing in the pharmaceutical industry, being a strategic industry, through the projects being executed to comply with the requirements of good manufacturing practices (GMPs) in the subsidiaries, further empowering firms to increase their market share locally and expand their footprint.
In addition, he pointed to the keenness to localise the technology of the pharmaceutical industry in cooperation and partnership with the private sector, highlighting the ministry’s serious efforts exerted to expand the production of pharmaceutical raw materials and active materials in partnership with an international company with experience in this field.
The financing package is set to cover all the financing requirements of the affiliates of the Holding Company for Pharmaceuticals. This includes financing GMP-compliance projects and providing bank financing for the purposes of financing the working capital of the subsidiaries.
